Halcon Eyes Oil Reserve Boost In $1B GeoResources Deal

Law360, New York (April 25, 2012, 3:29 PM EDT) -- Energy giant Halcon Resources Corp. will absorb oil and gas producer GeoResources Inc. in a $1 billion cash-and-stock deal that will further Halcon's long-term plan to emerge as a leader in liquid-rich plays, the Houston-based groups announced Wednesday.

The merger will add liquids-rich sites to boost Halcon's estimated oil equivalent reserves to 52.8 million barrels, up 150 percent from what it has on its own, Halcon CEO Floyd C. Wilson said.

The joint company will have a daily output of 11,070 barrels — representing a jump...
To view the full article, register now.